Princeton Capital Management LLC Decreases Stock Holdings in American Tower Co. (NYSE:AMT)

Princeton Capital Management LLC lowered its holdings in American Tower Co. (NYSE:AMT) by 3.9% during the 3rd quarter, Holdings Channel reports. The firm owned 29,795 shares of the real estate investment trust’s stock after selling 1,209 shares during the period. American Tower makes up about 2.2% of Princeton Capital Management LLC’s investment portfolio, making the stock its 12th largest holding. Princeton Capital Management LLC’s holdings in American Tower were worth $6,929,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. NBT Bank N A NY lifted its stake in American Tower by 3.3% in the second quarter. NBT Bank N A NY now owns 1,693 shares of the real estate investment trust’s stock valued at $329,000 after purchasing an additional 54 shares during the last quarter. CX Institutional lifted its position in shares of American Tower by 2.9% during the 3rd quarter. CX Institutional now owns 1,933 shares of the real estate investment trust’s stock valued at $450,000 after buying an additional 54 shares during the last quarter. O Brien Greene & Co. Inc grew its stake in shares of American Tower by 2.3% during the 2nd quarter. O Brien Greene & Co. Inc now owns 2,476 shares of the real estate investment trust’s stock worth $481,000 after acquiring an additional 55 shares during the period. Palumbo Wealth Management LLC increased its holdings in American Tower by 1.6% in the 3rd quarter. Palumbo Wealth Management LLC now owns 3,714 shares of the real estate investment trust’s stock worth $864,000 after acquiring an additional 57 shares during the last quarter. Finally, Tyche Wealth Partners LLC raised its stake in American Tower by 4.9% in the 2nd quarter. Tyche Wealth Partners LLC now owns 1,245 shares of the real estate investment trust’s stock valued at $242,000 after acquiring an additional 58 shares during the period. Institutional investors own 92.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on AMT shares. Scotiabank reduced their target price on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a research note on Wednesday, October 30th. Barclays lowered their target price on shares of American Tower from $255.00 to $251.00 and set an “overweight” rating on the stock in a report on Monday. Deutsche Bank Aktiengesellschaft raised their price target on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. StockNews.com cut American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Finally, BMO Capital Markets reduced their target price on American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $235.54.

American Tower Stock Performance

American Tower stock opened at $198.84 on Tuesday. American Tower Co. has a fifty-two week low of $170.46 and a fifty-two week high of $243.56. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. The stock has a market cap of $92.92 billion, a P/E ratio of 83.90, a price-to-earnings-growth ratio of 1.31 and a beta of 0.84. The firm’s fifty day moving average price is $221.71 and its 200-day moving average price is $211.24.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.45 by ($1.56). The firm had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The company’s revenue for the quarter was down 10.5% on a year-over-year basis. During the same period last year, the firm earned $2.58 EPS. On average, equities research analysts expect that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.26%. The ex-dividend date was Wednesday, October 9th. American Tower’s dividend payout ratio (DPR) is presently 273.42%.

American Tower Profile

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.